Prof.(Dr.) Arun Bhatia

The Crucial Role of Marketing in Business Success: Creating Value, Building Brands, and Fostering Customer Relationships src="https://www.mbaskool.com/2014_images/stories/sep_images/mktg-functn.jpg" title="Function of Marketing" width="640" /> In today's fiercely competitive business landscape, the role of marketing extends far beyond mere promotion and advertising. Effective marketing management is instrumental in driving business success by creating value for customers, building strong brands, driving sales and revenue, and fostering long-term customer relationships. In this article, we delve into each aspect to understand how marketing plays a pivotal role in achieving these objectives. Creating Value for Customers At the heart of effective marketing lies the concept of value creation for customers. By understanding customer needs, preferences, and pain points, businesses can develop products or services that address these requirements effectiv...

Scope of Marketing The scope of marketing management encompasses a wide range of activities and functions aimed at creating, communicating, delivering, and exchanging value with customers. It plays a central role in driving business success by aligning organizational objectives with customer needs and market opportunities. Here's an exploration of the scope of marketing management, covering its key components and functions: Product Development: Marketing management plays a crucial role in product development by identifying market needs, conducting market research, and conceptualizing new products or services that meet customer demands. Marketers work closely with product development teams to define product features, specifications, and positioning strategies that differentiate the offering from competitors and appeal to target audiences. Pricing Strategy: Pricing is a fundamental element of marketing management, as it directly impacts profitability, market positioning, and custo...